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|StAR Releases Useful Guide to Civil Asset Recovery|
Jamie Humphreys; Edwards Wildman Palmer LLP;
November 21, 2014, previously published on November 5, 2014In November 2014, the World Bank's Stolen Asset Recovery (StAR) Initiative published Public Wrongs, Private Actions: Civil Lawsuits to Recover Stolen Assets. It is available here. The book provides a step-by-step guide to States embarking on an asset recovery programme. It aims "to explore the...
|International Payment Cards Processing: From Russia with Love|
John Stansfield, Andrei Strijak, Timothy Stubbs; Dentons Canada LLP;
November 18, 2014, previously published on November 11, 2014Amendments to the NPS Law, which entered into force 23 October 2014, would significantly affect further development of the Russian payment infrastructure. In fact they require international payment cards to be processed locally and aim to cement the role of the National Payment Card System as the...
|Personal Current Account and Small Business Banking Face Full Competition Investigation|
Rebecca Owen-Howes, Sam Szlezinger; Dentons Canada LLP;
November 18, 2014, previously published on November 6, 2014 The Competition and Markets Authority (CMA) has decided to make a market investigation reference (MIR) into personal current accounts (PCAs) and banking services to small and medium-sized enterprises (SMEs).
|Clearing Becoming Clearer: ESMA Publishes Final Draft RTS on Interest Rate Derivatives and Consultation Paper on FX|
Rosali Pretorius; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014ESMA published two documents on 1 October 2014 as the implementation of mandatory clearing of certain over-the-counter (OTC) derivatives gathers pace.
|Eurasian Economic Union|
Victoria Simonova; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014On 29 May 2014, the presidents of Kazakhstan, Russia and Belarus signed an agreement (the "Treaty") in Astana on the Eurasian Economic Union (the "EaEU" or the "Union"). The Treaty will enter force on 1 January 2015. According to the Treaty, the Union is an...
|Foreclosure Does Not Preclude Filing a Lawsuit on the Underlying Note|
Andrew C. Voorhees; Weltman, Weinberg & Reis Co., L.P.A.;
November 17, 2014, previously published on October 30, 2014Any creditor that obtains a mortgage on property pursuant to a note or some other debt instrument will inevitably have to use the legal process to enforce the instrument. The initial strategy decision is whether to foreclose on the secured property, file a complaint for monetary damages on the...
|Examining the Effect of the Final Dodd-Frank Credit Risk Retention Rule Upon the Student Loan Finance Industry|
Stephen S. Kudenholdt, Robert B. Olin, Lauris G.L. Rall; Dentons Canada LLP;
November 17, 2014, previously published on October 23, 2014The Dodd-Frank Act’s required credit risk retention rules were finalized and adopted by US regulators this week. Below are certain excerpts from the adopting release and from the final rule regarding credit risk retention in student loan securitizations. Essentially, the specific rules...
|Recent Judgment Handed Down in Swaps Litigation|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
November 17, 2014, previously published on October 1, 2014In the continuing march of swaps litigation, each new judgment handed down represents a fresh carcass over whose bones those involved in such litigation inevitably pick for insights as to how future cases are likely to be decided. The recent judgment in the Crestsign litigation may well prompt the...
|Consumer Finance Update: New Ginnie Mae minimum net worth, liquidity and demonstrated participation Requirements for Issuers approved for certain Ginnie Mae programs|
John Holahan, Richard Horn, Matthew S. Yoon; Dentons Canada LLP;
November 17, 2014, previously published on October 23, 2014Ginnie Mae has announced several new requirements in response to the continued transformation of the housing market and the growing number of entities that are granted Issuer approval, yet fail to actively participate in a Ginnie Mae MBS program. In the new year, Ginnie Mae will (1) adjust its...
|Visa and MasterCard Voluntarily Commit to Reduce their Credit Card Fees|
Susan Kacaba, Anna I. MacMillan; Davis LLP;
November 15, 2014, previously published on November 6, 2014On November 4, 2014, Canada’s Minister of Finance, Joe Oliver, announced that Visa Canada Corporation and MasterCard Canada, Inc. had submitted separate and individual voluntary proposals to reduce their net consumer credit card interchange rates to an average effective rate of 1.50% for a...